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Blog by Mario Felicella - Sutton Group Westcoast Realty

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Top Vancouver real estate stories of 2015

December 29th, 2015

The economy has been in the dumps, oil prices plummeted, and the Canadian dollar is in the tank, but the housing market still remained red-hot throughout 2015. The most recent statistics from the Real Estate Board of Greater Vancouver indicated that sales in November were 46.2 percent above the 10-year average for that month. So it shouldn’t come as a surprise that the hot housing market tops ...

Average Canadian house price rose 10% to $456,186 in November

December 21st, 2015

The average price of a Canadian home was $456,186 in November, a 10.2 per cent increase compared to the same month a year earlier.

The Canadian Real Estate Association also noted Tuesday that stripping out the expensive and large markets of Toronto and Vancouver, the average price would have been $338,969 — a 3.4 per cent gain compared to November 2014.

The number of homes sold also increased, ...

Five things to know about the new mortgage rules

December 14th, 2015

Finance Minister Bill Morneau announced Friday the government is increasing the down payment requirements for homebuyers seeking to purchase properties over $500,000. The move is designed to cool down the smoking-hot housing market in some of Canada's biggest cities. Here are five things to know about the changes:

Who's affected: Given Toronto and Vancouver are thought to be the targets of the ...

B.C. to be fastest growing Canadian province over the next two years

December 7th, 2015
British Columbia will be the only province expected to post growth of better than 3 per cent over the next two years. According to The Conference Board of Canada's latest Provincial Outlook, real GDP is forecast to grow 3.1 per cent this year and 3.6 per cent in 2016.

"The bright outlook for the province is largely thanks to the construction industry. A major investment in a LNG project could ...

Vancouver considers 2.3 per cent property tax hike for 2016

December 1st, 2015

Vancouver is proposing a 2.3 per cent property tax increase as part of its 2016 operating budget as it prepares to replace fire boats and trucks, add parks and reduce building permit waiting times.

Last Thursday the city released its draft budget and five-year financial plan, saying the proposed tax increase is in line with inflation forecast by the Conference Board of Canada.

The proposed $1.2 ...

Vancouver real estate prices will keep rising for 2 years

November 25th, 2015

British Columbia homeowners can celebrate the latest predictions about real estate prices - but would-be home buyers could face even more pressure.

Central 1 Credit Union senior economist Bryan Yu predicts B.C. home prices and sales will continue to rise for the next two years.

He says average prices in the province will leap six per cent this year to $425,000, reaching $462,000 by 2017, with ...

Sales of existing homes in Canada rose in October as Vancouver and Toronto lead the way

November 16th, 2015

Sales of existing homes in Canada rose in October from September led by strength in the Vancouver and Toronto markets despite signs of slack in the condo market, a report from the Canadian Real Estate Association showed on Monday.

The industry group for Canadian real estate agents said sales activity was up 1.8 per cent last month from September. Actual sales for October, not seasonally adju ...

Vancouver and Toronto house prices still soaring, stats show

November 9th, 2015

Canada's two hottest housing markets are seeing house prices escalate into record territory in October — a time when real estate sales typically slow down.

The average price of a detached house in Toronto has risen by 12.5 per cent in the last year to reach $1.07 million in October. In Metro Vancouver, the price spike was even steeper, with the benchmark price for a detached house 20.1 per cen ...

Vancouver's apartment vacancy rate drops further

November 3rd, 2015

Finding an apartment to rent in Vancouver has become more difficult than it was last year, according to a Canada Mortgage and Housing Corporation report released November 2.

The city’s already-low apartment vacancy rate has fallen to 0.8%, down from 1.0% last year and 1.7% two years ago. As fewer apartments have become available, the average rent for a two-bedroom apartment has increased 4.6% ...

Will Canada’s real estate boom come to an end in 2016?

October 26th, 2015

A new forecast from Canada Mortgage and Housing Corp. suggests massive price gains in real estate are coming to an end next year.

The Crown Corporation says its forecast is for the average sale price of existing homes to rise 7.2 per cent for this year to $437,700. CMHC provides a range for 2015 for average existing home prices of $417,000 and $459,000. By 2016, the range will be between $420, ...

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