The Saretsky Report. November, 2018

Steve Saretsky -

The Vancouver market continued it’s slow and gradual descent in the month of November. Home purchases are seasonally slower this time of year, however this year has been particularly quiet and that should come as no surprise to anyone who has been following the market. Across the city of Vancouver home sales slid 42% compared to the same month last year. To put this into context, this was the fewest home sales in ten years for the month of November. Inventory continued to climb, increasing 22% from last year and as a result of the weak sales and rising inventory, has now pushed prices lower across all property segments. Lending continues to tighten across the big banks with some of that slack being picked up by private lenders who issue higher rates and shorter loan terms. Both buyers and sellers are struggling to adjust to the changing market conditions.

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The Canadian Economy

Steve Saretsky -

As we expected and discussed in last months report, the Bank of Canada raised interest rates another 50bps in October. Markets were pricing in a 75bps rate hike but the Bank of Canada failed to deliver, citing growing concerns around financial stability. It’s the first time in awhile they have...

Steve Saretsky -

It was another slow month for the Greater Vancouver housing market in September. While housing activity was historically low, there is still much to talk about across the housing spectrum. The volatility across global financial markets has been extreme and that is no doubt having a major influence on our...

Steve Saretsky -

There’s always lots to talk about in the Vancouver housing market, especially these days. We have plenty of updates this month on interest rates, trigger rates, and the investor/ rental market. Housing activity remains on the same course it’s been on over the past few months. Greater Vancouver home sales...

Steve Saretsky -

Continuing on the theme from last month, housing activity continues to slow as expected when the Bank of Canada raised interest rates by 100bps last month and instantly reduced borrowers purchasing power. Remember, over 50% of new mortgage applicants this year have been going with variable rate mortgages, in large...

Steve Saretsky -

I’m a bit later than usual in writing this report and it’s probably for the best. As of this writing on July 13th, the Bank of Canada raised interest rates a monstrous 100bps, the single largest increase since 1998. This will have significant ramifications for the housing market, not just...

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The Saretsky Report. December 2022