The Saretsky Report. June 2019

Steve Saretsky -

As we have now entered July, we can officially call it the end of the spring market for Vancouver Real Estate. Prior to the start of the year, many market watchers and industry pundits alike rightfully noted the importance of the spring market, suggesting it would dictate what to expect for the year ahead. After a sluggish finish to 2018 and an equally weak start to 2019, there were hopes the historically resilient Vancouver housing market could shrug it off. However, month after month that proved not to be the case. Through the first six months of this year, home sales totalled 10,924, the fewest transactions for that time frame since the year 2000. June sales figures suggested that trend was in tact, with monthly home sales dropping 13.9% year-over-year to their lowest total in 19 years. Undoubtedly this slowdown has knock-on effects, which we are beginning to see, namely the cancelation of newer construction projects. However, will a recent plunge in mortgage borrowing costs help cushion the blow? We will examine this and much more in the June report.

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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