February 15, 2011
British Columbia Rental Vacancy Rate Edged Lower
December 9, 2010 - According to Canada Mortgage and Housing Corporation (CMHC), the average rental apartment vacancy rate in urban British Columbia centres edged lower to 2.7 per cent in October 2010, compared to 2.8 per cent in October 2009.
“Although the rental vacancy rate increased in more than half of the centres surveyed, lower vacancy rates in the other 12 centres, including the Vancouver Census Metropolitan Area, pushed the provincial average lower,” noted Carol Frketich, CMHC’s BC Regional Economist. “Strong migration flows and fewer first-time homebuyers shifting tenure from rental to homeownership pushed the vacancy rate lower,” she added.
Stable demand and increased supply from the secondary rental market slowed the increase in rents among all bedroom types. The estimated increase in same sample apartment rents for units common to both the October 2009 survey and the October 2010 survey, was 2.3 per cent, down from 2.8 per cent a year ago.
As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions.
May 7, 2010
Home buyer and seller activity increases in busy spring market
Home buyer and seller activity increases in busy spring market
VANCOUVER, B.C. – May 4, 2010 –The Greater Vancouver housing market experienced increased activity in April thanks to a steady balance of home buyers and sellers entering the marketplace.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,512 in April 2010, the fifth highest-selling April on record. The figure represents an increase of 18.5 percent compared to the 2,963 sales in April 2009; 9.1 percent more than April 2008’s 3,218 sales; and 3.7 percent more than April 2007’s 3,387 sales. April 2010 sales also represent a 12 percent increase compared to last month.
“We’re in the midst of another strong spring season thanks to high levels of activity on both the buyer and seller side of our market,” Jake Moldowan, REBGV president said. “The number of homes coming on the market has increased significantly in recent months, which is providing a healthy level of choice for those looking to buy during this busy period.”
New listings for detached, attached and apartment properties in Greater Vancouver totalled 7,648 in April 2010, a 64.5 percent increase compared to April 2009 when 4,649 new units were listed, and a 9.2 percent increase compared to March 2010 when 7,004 properties were added to the Multiple Listing Service® (MLS®).
At 15,901, the total number of property listings on the MLS® increased 17 percent in April compared to last month, and is up 11 percent compared to this time last year.
Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 18.9 percent to $593,419 from $499,021 in April 2009.
“It was at this time last year when home prices in our region began their recovery from the declines that occurred during the recession period,” Moldowan said.
Sales of detached properties in April 2010 reached 1,370, an increase of 15.1 percent from the 1,190 detached sales recorded in April 2009 and a six percent increase from the 1,293 units sold in April 2008. The benchmark price for detached properties increased 21.2 per cent from April 2009 to $818,403.
Sales of apartment properties reached 1,526 in April 2010, an increase of 29.4 percent compared to the 1,179 sales in April 2009 and an increase of 15.9 percent compared to the 1,317 sales in April 2008.The benchmark price of an apartment property increased 16.9 percent from April 2009 to $397,779.
Attached property sales in April 2010 totalled 616, an increase of 3.7 percent compared to the 594 sales in April 2009 and a 1.3 percent increase from the 608 attached properties sold in April 2008. The benchmark price of an attached unit increased 16.4 percent between April 2009 and 2010 to $502,399. ~Real Estate Board of Greater Vancouver
May 2, 2010
Home listings rise to start the spring season
VANCOUVER, B.C. – April 6, 2010 – A steady influx of new listings has helped create a balanced ‘typical spring’ housing market in the Greater Vancouver region.
The Real Estate Board of Greater Vancouver (REBGV) reports that new listings for detached, attached and apartment properties in Greater Vancouver totalled 7,004 in March 2010. This represents a 60 percent increase compared to March 2009 when 4,385 new units were listed, and a 52.1 percent increase compared to February 2010 when 4,606 properties were listed on the Multiple Listing Service® (MLS®).
At 13,538, the total number of property listings on the Multiple Listing Service (MLS®) increased 19 percent in March compared to last month, but remains 7.6 percent below this time last year.
“The total number of homes listed for sale on our MLS® is at its highest level in 10 months, which translates into more options and variety for those looking to buy during the traditionally busy spring period,” Jake Moldowan, REBGV president said.
Residential property sales in Greater Vancouver reached 3,137 in March 2010, a 38.5 per cent increase compared to March 2009, a 4.7 percent increase over March 2008, and a 12.4 percent decrease compared to March 2007. The current figure also represents a 26.8 percent increase compared to the 2,473 sales recorded in February 2010.
“With a sales-to-listing ratio of 23 percent, we see a healthy balance between buyer demand and seller supply in the marketplace,” Moldowan said.
Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 20.3 percent to $584,435 from $485,845 in March 2009. This price is 2.8 percent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.
Sales of detached properties in March 2010 reached 1,336, an increase of 49 percent from the 897 detached sales recorded in March 2009 and a 19.7 percent increase from the 1,116 units sold in March 2008. The benchmark price for detached properties increased 23.3 percent from March 2009 to $800,341, but declined 0.6 percent compared to last month when the benchmark price was $800,796.
Sales of apartment properties in March 2010 reached 1,252, an increase of 28.3 per cent compared to the 976 sales in March 2009 and a decline of 8.6 percent compared to the 1,370 sales in March 2008.The benchmark price of an apartment property increased 17.3 percent from March 2009 to $395,507 and is up 1.2 percent compared to last month when the benchmark price was $390,899.
Attached property sales in March 2010 totalled 549, an increase of 40.1 percent compared to the 392 sales in March 2009 and a 7.4 percent increase from the 511 attached properties sold in March 2008. The benchmark price of an attached unit increased 17.3 percent between March 2009 and 2010 to $493,263, but declined 0.5 percent compared to last month when the benchmark price was $495,496.
October 19, 2009
Bank of Canada maintains overnight rate target at 1/4 per cent
FOR IMMEDIATE RELEASE
20 October 2009
CONTACT: Jeremy Harrison
Bank of Canada maintains overnight rate target at 1/4 per cent and reiterates conditional commitment to hold current policy rate until the end of the second quarter of 2010
OTTAWA – The Bank of Canada today announced that it is maintaining its target for the overnight rate at 1/4 per cent. The Bank Rate is unchanged at 1/2 per cent and the deposit rate is 1/4 per cent.
Recent indicators point to the start of a global recovery from a deep, synchronous recession. Global economic and financial developments have been somewhat more favourable than expected at the time of the July Monetary Policy Report (MPR), although significant fragilities remain.
A recovery in economic activity is also under way in Canada. This resumption of growth is supported by monetary and fiscal stimulus, increased household wealth, improving financial conditions, higher commodity prices, and stronger business and consumer confidence. However, heightened volatility and persistent strength in the Canadian dollar are working to slow growth and subdue inflation pressures. The current strength in the dollar is expected, over time, to more than fully offset the favourable developments since July.
Given all of these factors, the Bank now projects that, relative to the July MPR, the composition of aggregate demand will shift further towards final domestic demand and away from net exports. Growth is expected to be slightly higher in the second half of this year than previously projected but to average slightly lower over the balance of the projection period. The Canadian economy is projected to grow by 3.0 per cent in 2010 and 3.3 per cent in 2011, after contracting by 2.4 per cent this year. This is a somewhat more modest recovery in Canada than the average of previous economic cycles.
The Bank now expects that the output gap will be closed in the third quarter of 2011, one quarter later than it had projected in July. Correspondingly, inflation is also expected to return to the 2 per cent target in the third quarter of 2011, one quarter later than in July's projection.
While the underlying macroeconomic risks to the projection are roughly balanced, the Bank judges that, as a consequence of operating at the effective lower bound, the overall risks to its inflation projection are tilted slightly to the downside.
Conditional on the outlook for inflation, the target overnight rate can be expected to remain at its current level until the end of the second quarter of 2010 in order to achieve the inflation target. Consistent with this conditional commitment, the Bank will continue to conduct longer-term Purchase and Resale Agreements based on existing terms and conditions and according to the accompanying schedule: http://www.bankofcanada.ca/en/notices_fmd/2009/notice_fad201009.pdf
In its conduct of monetary policy at low interest rates, the Bank retains considerable flexibility, consistent with the framework outlined in the April MPR.
A full update of the Bank's outlook for the economy and inflation, including risks to the projection, will be published in the MPR on Thursday, 22 October. The next scheduled date for announcing the overnight rate target is 8 December 2009.