The Saretsky Report. May 2020

Steve Saretsky -

It was another month to forget, not just for the Vancouver housing market but the world in general. On a more positive note, things appear to be getting better on the virus front, at least in BC anyways. This encouraged buyers to step outside, and become a bit more comfortable with testing the waters in the housing market. Sales across Greater Vancouver increased 34% month-over-month. However, let’s not get too ahead of ourselves here. Despite the pick-up in activity, the 1499 sales registered for the month of May was the lowest total for the month since we began collecting data in the early 1990’s. Although, it certainly helped that new listings crashed 37% year-over-year to new lows. In essence, people opting not to sell helped cushion the housing market. It’s impossible to put an exact percentage on prices in a highly volatile market, however, we are seeing minor price declines in the condo market which we’ll get into later in the 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