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Canada

VANCOUVER — The British Columbia Real Estate Association says the chill across the province's property sector will drag on through this year, but it calls for a strong rebound in 2024.The association makes the prediction in its housing…

Real Estate

BoC considered not raising rates last month, but hot economy swayed decision

Nojoud Al Mallees – THE CANADIAN PRESS Feb 9, 2023

OTTAWA – The Bank of Canada contemplated not raising interest rates last month but with the economy outperforming expectations, its governing council ultimately decided in favour of one more rate hike before taking a pause.In its…

Real Estate

Investors made up 20 to 30% of homeowners in some provinces: Statistics Canada

The Canadian Press Feb 8, 2023

OTTAWA — New Statistics Canada data shows investors made up almost one third of homeowners in some provinces in 2020.The data agency says investors made up 31.5 per cent of Nova Scotia's homeowners that year and 29 per cent of New…

Real Estate

Slowing growth a `good thing’ when economy is overheated: BoC’s Macklem

Nojoud Al Mallees – THE CANADIAN PRESS Feb 7, 2023

OTTAWA – Bank of Canada governor Tiff Macklem says that although a slowing economy may not seem like a good thing, it is when the economy is overheated.Speaking in Quebec City Tuesday, Macklem said that higher interest rates are working…

Real Estate

January home sales down 55% from year earlier, 21% from Dec: Vancouver board

The Canadian Press Feb 7, 2023

VANCOUVER — The Real Estate Board of Greater Vancouver says January home sales were more than halved from the year before and down 21 per cent from December.The board says sales for the month totalled 1,022, a 55 per cent drop from the…

Real Estate

Greater Vancouver home sales to flatten while prices inch up, forecast says

The Canadian Press Feb 1, 2023

VANCOUVER — Home sales in Greater Vancouver are predicted to stay in line with last year's slower pace, while prices inch up slightly.The forecasts are contained in the Real Estate Board of Greater Vancouver's outlook for 2023 released…

Real Estate

Interest rate hikes: The Bank of Canada’s ‘resolute’ fight against inflation could threaten its …

Ellen D. Russell, Associate Professor, Wilfrid Laurier University Jan 26, 2023

Tiff Macklem, Governor of the Bank of Canada, holds a press conference at the Bank of Canada in Ottawa on Jan. 25, 2023. THE CANADIAN PRESS/Sean Kilpatrick Ellen D. Russell, Wilfrid Laurier UniversityThe Bank of Canada…

Real Estate

Bank of Canada hikes key interest rate by quarter point, says it plans to hold

Nojoud Al Mallees – THE CANADIAN PRESS Jan 25, 2023

OTTAWA – The Bank of Canada delivered what it expects to be its last interest rate hike of the cycle as it pauses to assess the effects of higher rates on the economy.The central bank raised its key interest rate by a quarter of a…

Building

NCC deferred maintenance deficit: A broken funding mechanism

Marc Denhez and Ken Grafton Jan 19, 2023

Some years ago, an apocryphal tale circulated about Stornoway, official residence of the Leader of Her Majesty’s Loyal Opposition. The deck had been appropriated by a family of skunks, and a government work crew was duly dispatched, but the…

Real Estate

CREA predicts 2023 home sales to edge down 0.5% from 2022 mark

Tara Deschamps - The Canadian Press Jan 18, 2023

The Canadian Real Estate Association expects home sales to edge down less than one per cent and prices to fall almost six per cent from 2022, which ended with the market in a sluggish state as sellers and buyers sat on the sidelines.The…

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