The Saretsky Report. November 2019

Steve Saretsky -

The Greater Vancouver housing market enjoyed another solid bounce in the month of November, helping to solidify the current recovery in the housing market. However, as we have preached the past few months, we still believe caution is warranted. Sales activity across Greater Vancouver recorded a whopping 55% jump from last November, thanks in part to incredibly weak base effects (November 2018 sales were the weakest since 2008). We have recently witnessed an easing of financial conditions thanks in part to global central banks aggressively easing monetary policy, this has helped not only lower borrowing costs but encouraged prospective buyers off the sidelines. As a result, we are seeing increased sales activity combined with a drop in total inventory for sale, and thus a flurry of media headlines suggesting we are on the precipice of another bull market. But are we really? Let’s dive in.

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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