The Saretsky Report. November 2020

Steve Saretsky -

Once a trend unfolds in the Real Estate market it tends to continue for a significant amount of time. Unlike the stock market, there are not violent moves in either direction on a monthly basis. In other words, the strength in the Vancouver Real Estate market continued in November, following a wave of pent-up demand that began in June. In November, Greater Vancouver home sales jumped 23% year-over-year, recording its highest level of sales for the month since 2015. Meanwhile, inventory for sale declined once again, making this the tightest market since April 2018. It doesn’t take a genius to figure out that rising sales and falling inventory results in higher prices, and that’s exactly what is happening right now. The MLS benchmark price showed a 5.8% increase from last year, and will continue to point higher in the months ahead due to the significant lag in the price index.

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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