The Saretsky Report. October 2020

Steve Saretsky -

When the housing market essentially re-opened in June following the lockdowns, there was a narrative going around about pent-up demand. At the time it was hard to justify the strong recovery in sales, surely it must have been a case of pent-up demand that would soon fade once these buyers from the spring pulled the trigger in the summer. Well, here we are now in November and sales are still going strong. At what point does the narrative shift from pent-up demand to housing boom? I’ll stop short of calling it a new bull market, but there are certainly shades of 2016 emerging. Buyers looking for single family homes are witnessing line-ups around the block for open houses, bidding wars, and the return of subject free offers. In October, 30% of single family houses in Greater Vancouver sold over the asking price. That’s the highest percentage since June, 2017.

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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